Top 3 Reasons to Review Your Storage Tank Accounts

1 – Storage Tank Liability is more robust and affordable than ever before.
Beacon Hill Associates has access to leading tank markets that can offer your insureds the coverage they need to protect their investments. Even though minimum premiums for tank accounts are typically low, carrying this coverage can prevent catastrophic loss. According to the EPA website, the average cost to clean up a tank-related spill is $130,000 and could exceed $1M, depending on the extent of the contamination.

2 – Your tank owners may have premises exposures that aren’t being addressed.
Whether you insure a repair shop, auto dealership, golf course, or gas station, your Site Pollution exposure is broader than just a possible leak from your storage tank. Oil/grease spills, hydraulic lifts, and chemical/pesticide storage are common pollution exposures at these facilities. The Enhanced Fuel Solutions program can also provide Property and Inland Marine coverage for above ground property and equipment at the location. This can include ASTs, above ground piping, charging units, and dispensers.

3 – Coverage can be as broad or narrowly focused as your client desires.
Our Enhanced Fuel Solutions program is designed to be flexible and meet your client’s needs. It can include broadened Site Pollution coverage including coverage for storage tanks that require evidence of financial responsibility. The base policy can also be written to just provide coverage for the storage tank exposure if that is the preferred approach. Some common coverage features can include: Coverage for theft and vandalism, Automatic and/or Optional Extended Reporting Periods, First Party Business Interruption coverage, and more.

Check out some of the recent storage tank accounts we have written:

  • Nursing home/rehab facility purchased Storage Tank Liability (6 tanks, 2 locations) for $2,001.
  • An airport with 12 tanks purchased Storage Tank Liability ($1M/$2M) for $8,023.
  • Lumber company (2 tanks, 2 locations) purchased Storage Tank Liability for $5,156.
  • Gas stations (13 locations, multiple tanks) purchased Storage Tank Liability ($1M/$2M) for $18,535.
  • A bank with over 20 locations and multiple tanks purchased Storage Tank Liability ($2M/$4M) for $12,678.
  • Gas stations (3 locations, 11 tanks) purchased Storage Tank Liability ($1M/$2M) for $11,565.

For more information on Storage Tank Liability coverage, please contact us.